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Haixin Steel to reopen in Shanxi province under new owner Jianlong Group-The 17th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
4/13/2016 Stainless Steel Industry expo |
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Australian Financial Review reported that one of China''s largest private steel mills, which went broke two years ago, could reopen this month. Local media reported this week the plant was to reopen this month or early next month under a new owner, private company Jianlong Group.
A report on Shanghai-based news site Peng Pai said on Monday that maintenance checks were under way at Haixin''s plant in Shanxi province.
Mysteel chief information officer Xu Xiangchun said "The pick-up in the steel price has allowed Jianlong to accelerate its plan to restart production at the plant.”
During its heyday, Haixin Iron and Steel Group produced about 5 million tonnes of steel a year. It started bankruptcy proceedings in November 2014 with CNY 10.5 billion (USD 2.1 billion) in debt. At the time, it was seen as an inevitable casualty of China''s decision to reduce massive overcapacity in steel making.
-The 17th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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